Silver Fern Farms Big Wigs Caught Out Over 30 June ‘Deadline’

The rural and business media should not trust a word that comes from the big wigs at Silver Fern Farms, says New Zealand First, after its sell-out to a Chinese SOE has been pushed back three months to 30 September.

“The big wigs at Silver Fern Farms have been badly caught out after they said 30 June was a date set in concrete,” the New Zealand First Leader and Northland MP Rt Hon Winston Peters says.

“On 24 May Silver Fern’s CEO Dean Hamilton, who is either an employee or a contractor, told Rural News that the Chinese had two compensation angles if 30 June wasn’t met. Hamilton said ‘…Shanghai Maling seeking damages for their lost opportunity; secondly shareholders [seeking compensation] for the lost opportunity…’.

“On 9 June, the rural journalist Alan Barber raised the 30 June date with him and again Mr Hamilton said that date was vital: ‘He [Hamilton] said there is no reason to think the OIO will fail to respond, because it has always been aware of the 30 June deadline, while in the company’s opinion there is no other legal impediment. However a default would trigger a formal review of the facility which, in Hamilton’s opinion, would be an extremely serious event ...’

“Even the chair Rob Hewett had the audacity to turn up at a Special Resolution meeting with farmers only last week (22 June) and not say a dicky bird about 30 June being immaterial.

“Then again this is the same board who had no idea their co-op was as far from receivership and liquidation as we are from Mars. They also believe that selling 50% of a company turning over more than $2 billion is not a ‘major transaction’ as the law defines.

“Now, this seriously compromised board and management have arbitrarily pulled the plug on the 11 July Special Resolution and pushed that date back to 12 August, without even consulting the shareholders who led the campaign for a vote.

“The Financial Markets Authority and Companies Office have been seriously compromised by this turn of events.

“This deal reeked from self-interest from day one. New Zealand First has been consistent from day one, whilst the board and management keep digging themselves into a deeper and deeper hole.

“There will be further disclosures on this matter in coming weeks,” says Mr Peters.

ENDS

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